GDYN vs. EPAM

Last updated Jun 3, 2026

GDYN (Grid Dynamics Holdings, Inc.) and EPAM (EPAM Systems, Inc.) are both stocks. Both operate in the Information Technology Services industry within the Technology sector. Over the past 5 years, GDYN returned -13.37%/yr vs -26.31%/yr for EPAM. At a 0.45 correlation, their price movements are largely independent.

Performance

GDYN vs. EPAM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grid Dynamics Holdings, Inc. (GDYN) and EPAM Systems, Inc. (EPAM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDYN achieves a -16.94% return, which is significantly higher than EPAM's -49.61% return.

GDYN

• 1D: -4.58%
• 1M: 29.09%
• YTD: -16.94%
• 6M: -14.19%
• 1Y: -37.50%
• 3Y*: -8.56%
• 5Y*: -13.37%
• 10Y*: —

EPAM

• 1D: -5.08%
• 1M: -8.10%
• YTD: -49.61%
• 6M: -46.51%
• 1Y: -39.48%
• 3Y*: -26.47%
• 5Y*: -26.31%
• 10Y*: 3.17%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDYN vs. EPAM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GDYN Grid Dynamics Holdings, Inc.	-16.94%	-59.40%	66.84%	18.81%	-70.45%	201.35%	16.13%	12.09%	1.89%
EPAM EPAM Systems, Inc.	-49.61%	-12.38%	-21.36%	-9.28%	-50.97%	86.54%	68.91%	82.88%	2.44%

Correlation

The correlation between GDYN and EPAM is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Oct 31, 2018	0.45

The correlation between GDYN and EPAM has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

Fundamentals

Market Cap GDYN : $635.10M EPAM : $5.59B
EPS GDYN : $0.06 EPAM : $6.96
PE Ratio GDYN : 121.88 EPAM : 14.83
PS Ratio GDYN : 1.55 EPAM : 1.03
PB Ratio GDYN : 1.20 EPAM : 1.63
Total Revenue (TTM) GDYN : $415.51M EPAM : $5.56B
Gross Profit (TTM) GDYN : $141.58M EPAM : $1.58B
EBITDA (TTM) GDYN : $14.03M EPAM : $670.13M

Return for Risk

GDYN vs. EPAM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDYN

GDYN Risk / Return Rank: 14
GDYN Sharpe Ratio Rank: 12
GDYN Sortino Ratio Rank: 14
GDYN Omega Ratio Rank: 14
GDYN Calmar Ratio Rank: 14
GDYN Martin Ratio Rank: 17

EPAM

EPAM Risk / Return Rank: 8
EPAM Sharpe Ratio Rank: 6
EPAM Sortino Ratio Rank: 9
EPAM Omega Ratio Rank: 9
EPAM Calmar Ratio Rank: 15
EPAM Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDYN vs. EPAM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grid Dynamics Holdings, Inc. (GDYN) and EPAM Systems, Inc. (EPAM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GDYN	EPAM	Difference
Sharpe ratio Return per unit of total volatility	-0.66	-0.89	+0.24
Sortino ratio Return per unit of downside risk	-0.79	-1.13	+0.34
Omega ratio Gain probability vs. loss probability	0.90	0.85	+0.05
Calmar ratio Return relative to maximum drawdown	-0.70	-0.69	-0.01
Martin ratio Return relative to average drawdown	-1.10	-1.59	+0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDYN vs. EPAM - Sharpe Ratio Comparison

The current GDYN Sharpe Ratio is -0.66, which is comparable to the EPAM Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of GDYN and EPAM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDYN	EPAM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.66	-0.89	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.21	-0.49	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.34	-0.40

Drawdowns

GDYN vs. EPAM - Drawdown Comparison

The maximum GDYN drawdown since its inception was -87.45%, roughly equal to the maximum EPAM drawdown of -87.50%. Use the drawdown chart below to compare losses from any high point for GDYN and EPAM.

Drawdown Indicators

	GDYN	EPAM	Difference
Max Drawdown Largest peak-to-trough decline	-87.45%	-87.50%	+0.05%
Max Drawdown (1Y) Largest decline over 1 year	-57.38%	-59.49%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-78.05%	-71.49%	-6.56%
Max Drawdown (5Y) Largest decline over 5 years	-87.45%	-87.50%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-87.50%	—
Current Drawdown Current decline from peak	-82.18%	-85.61%	+3.43%
Average Drawdown Average peak-to-trough decline	-45.01%	-25.64%	-19.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.40%	25.71%	+10.69%

Volatility

GDYN vs. EPAM - Volatility Comparison

Grid Dynamics Holdings, Inc. (GDYN) has a higher volatility of 20.42% compared to EPAM Systems, Inc. (EPAM) at 15.76%. This indicates that GDYN's price experiences larger fluctuations and is considered to be riskier than EPAM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDYN	EPAM	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.42%	15.76%	+4.66%
Volatility (6M) Calculated over the trailing 6-month period	40.24%	37.68%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	57.35%	44.36%	+12.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.92%	54.25%	+8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.51%	45.78%	+10.73%

Dividends

GDYN vs. EPAM - Dividend Comparison

Neither GDYN nor EPAM has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

GDYN vs. EPAM - Profitability Comparison

The chart below illustrates the profitability comparison between Grid Dynamics Holdings, Inc. and EPAM Systems, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

GDYN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Grid Dynamics Holdings, Inc. reported a gross profit of 36.23M and revenue of 104.10M. Therefore, the gross margin over that period was 34.8%.

EPAM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, EPAM Systems, Inc. reported a gross profit of 388.01M and revenue of 1.40B. Therefore, the gross margin over that period was 27.7%.

GDYN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Grid Dynamics Holdings, Inc. reported an operating income of -3.68M and revenue of 104.10M, resulting in an operating margin of -3.5%.

EPAM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, EPAM Systems, Inc. reported an operating income of 116.77M and revenue of 1.40B, resulting in an operating margin of 8.3%.

GDYN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Grid Dynamics Holdings, Inc. reported a net income of -1.47M and revenue of 104.10M, resulting in a net margin of -1.4%.

EPAM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, EPAM Systems, Inc. reported a net income of 82.52M and revenue of 1.40B, resulting in a net margin of 5.9%.

Frequently Asked Questions

Can I hold both GDYN and EPAM in my portfolio?

GDYN and EPAM have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDYN or EPAM?

GDYN has higher volatility (20.42%) compared to EPAM (15.76%). In terms of maximum drawdown, GDYN dropped -87.45% vs EPAM's -87.50%.

Which has better risk-adjusted returns?

GDYN currently has the higher Sharpe Ratio (-0.66 vs -0.89), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.